Gas Prices to Crash as Nigerian Billionaire’s Firm Partners NNPC to Build 5 Mini Gas Plants

• The Nigeria National Petroleum Company Limited (NNPL) is partnering with BUA Group to build five new gas plants in Kogi
• The companies have already signed the deal to establish the plants to service businesses and industries
• The groundbreaking event will be held on Thursday, January 29, 2025, to signal a move towards industrial growth 

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian National Petroleum Company Limited (NNPC) will inaugurate the construction of five mini liquified natural gas plants in Kogi.

The development comes as NNPC Gas Marketing Limited and BUA Group owned by Abdul Samad Rabiu, inked a deal to develop a 45 million standard cubic feet mini-LNG plant in Ajaokuta.

List of the five mini gas plants

The LNG plants include Prime LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG, and LNG Arete.

The NNPC disclosed that the groundbreaking event will be held on Thursday, January 30, 2025, stating that it is an essential step in growing Nigeria’s economy.

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The plants were designed to deliver cheaper and cleaner energy to businesses and industries nationwide.

They would also drive industrial growth, attract investors, and create direct and indirect jobs.

NNPC signs deal to boost Industrialisation

Legit.ng previously reported that NNPC and BUA Group signed an agreement to develop the LNG plants in Ajaokuta.

The parties described the deal as part of efforts to boost domestic gas use for businesses and industries.

Punch reports that the state oil firm said the signing ceremony at NGML headquarters was attended by the BUA Group Executive Director, Kabiru Rabiu, the Group Chief Legal Officer, Oluseye Alayande, and the NGML Management team.

NNPC said:

“This project is set to drive economic growth, support the gas-to-power initiative, and contribute significantly to Nigeria’s evolving energy landscape.”

Cooking gas prices change in Abuja, Lagos, others

Legit.ng earlier reported that from September 2024 to October 2024, the average retail price for refilling a 5-kilogram cylinder of liquefied petroleum gas (cooking gas) rose by 3.23% month over month, from N6,699.63 to N6,915.69.

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National Bureau of Statistics (NBS) reported that this was a 51.58% rise from N4,562.51 in October 2023 on an annual basis.

Based on a state profile research, Borno had the highest average cost of N7,939.29 for refilling a 5 kg cylinder of cooking gas (liquefied petroleum gas), followed by Benue at N7,578.00 and Yobe at N7,580.00.

Source: Legit.ng